When a company issues 26,000 shares of $5 par value common stock for $50 per share,...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
When a company issues 26,000 shares of $5 par value common stock for $50 per share, the journal entry for this issuance would include Multiple Choice A credit to Additional Paid-in Capital for $1,170,000 A debit to Cash for $130,000. A debit to Additional Paid-in Capital for $130,000. A credit to Common Stock for $1.300,000 When a company issues 26,000 shares of $5 par value common stock for $50 per share, the journal entry for this issuance would include Multiple Choice A credit to Additional Paid-in Capital for $1,170,000 A debit to Cash for $130,000. A debit to Additional Paid-in Capital for $130,000. A credit to Common Stock for $1.300,000
Expert Answer:
Answer rating: 100% (QA)
Number of shares issued 26000 shares Par value of 1 common share 5 Issued price of 1 common shar... View the full answer
Related Book For
Posted Date:
Students also viewed these accounting questions
-
1. On paper, replicate the following segment of DNA: 5'ATCGGCTACGTTCAC 3' 3' TAGCCGATGCAAGIG5' a. Show the direction of replication of the new strands and explain what causes lagging and leading...
-
G Wholesale Company began the year with inventory of $6,000. During the year, G purchased $97,000 of goods and returned $6,200 due to damage. G also paid freight charges of $1,500 on inventory...
-
G Company is considering the takeover of K Company whereby it will issue 6,000 common shares for all of the outstanding shares of K Company. K Company will become a wholly owned subsidiary of G...
-
A 1-m3 insulated tank contains air at 1 MPa, 560 K. The tank is now discharged through a small convergent nozzle to the atmosphere at 100 kPa. The nozzle has an exit area of2 x 10-5 m2. a. Find the...
-
Here are some brain teasers. Can you see why the following are not counted in U.S. GDP? a. The gourmet meals produced by a fine home chef b. The purchase of a plot of land c. The purchase of an...
-
How many vertices and how many edges do these graphs have? a) Kn b) Cn c) Wn d) Km,n e) Qn
-
Following are selected questions from internal control questionnaires relating to a companys purchasing, receiving, cash disbursement, and recording functions. A Yes response to a question would...
-
(EPS: Simple Capital Structure) A portion of the statement of income and retained earnings of Pierson Inc. for the current year follows. Note 1 during the year, Pierson Inc. suffered a major casualty...
-
You decide to work part-time at a local supermarket. The job pays $15.50 per hour and you work 22 hours per week. Your employer withholds 10% of your gross pay for federal taxes, 7.65% for FICA...
-
The operations manager of a government hospital needs to allocate supplies to four departments. The supplies include masks, gloves, and other first-need artifacts. Like most government hospitals, it...
-
Question #1 The following table indicates the net cash flows of a capital asset: Year Net Cash Flow 0 $-8,400 1 $5,900 2 $6,200 Do not enter dollar signs or commas in the input boxes. Use the...
-
Consider a static (one-period), closed economy with one representative consumer, one rep- resentative firm, and a government. The level of capital K and government expenditures G in the economy are...
-
Use the data below to compute for the Gini coefficient. Round off the Gini coefficient to four (4) decimal places. INCOME CLASS (K) FIRST SECOND THIRD FOURTH FIFTH INCOME SHARE (YK) 0.02 0.12 0.28...
-
In this problem we assume the market portfolio is the S&P 500 index. The top 5 stocks in the S&P 500 index, when ranked by market capitalization, make up 22% of the total market capitalization of the...
-
SECTION 1: BASIC VALUATIONS The founders of SpiffyTerm, Inc. wanted to begin by calculating what they thought would be an appropriate valuation. Annabella suggested they read "A Note on Valuation of...
-
A critical analysis of the commercial banking system in Australia The answer must include its a. Recent development in Australia banking system b. The financial system in the Australia country of...
-
One study found that the elderly who do not have children dissave at about the same rate as the elderly who do have children. What might this finding imply about the reason the elderly do not dissave...
-
Specify and account for the selection rules for transitions in hydrogenic atoms.
-
Which of the following molecules have sets of nuclei that are chemically but not magnetically equivalent? (a) CHZ=C=CP1, (b) cis- and trans-[Mo (CO) 4(PHJ) 2]
-
Discuss the features, advantages, and limitations of the Michaelis-Menten mechanism of enzyme action.
-
(a) Describe the distinguishing characteristics of production systems where: (i) job costing techniques would be used, and (ii) process costing techniques would be used. (b) Job costing produces more...
-
(a) While the ascertainment of product costs could be said to be one of the objectives of cost accounting, where joint products are produced and joint costs incurred, the total cost computed for the...
-
South Africa is one of the top gold producers in the world, holding about 40 per cent of global reserves. According to Statistics South Africa, a government statistics agency, the value of gold sales...
Study smarter with the SolutionInn App